60% of Americans could face higher taxes if Congress fails to extend tax reform law
Saturday, October 26, 2024 1:50PM
How the results of the presidential election could impact your taxesThe next president will have to navigate several financial issues, including the Tax Cuts and Jobs Act that’s set to expire at the end of the year.
CHICAGO (WLS) — We are now days away for the 2024 presidential election, and whoever wins the presidency will have to navigate several financial issues; that includes the Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of next year.
If Congress does not extend the tax reform law, an estimated 60 percent of Americans will face higher taxes, worse incentives for work and investment, and a more complicated tax system starting in 2026.
Local financial professional Phillip Shaw from Goldstone Financial Group visited ABC 7 to explain the provisions under the Tax Cuts and Jobs Act, and what taxpayers can expect if it expires.
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